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maria [59]
3 years ago
6

How does buying items in bulk usually help a consumer?

Mathematics
2 answers:
Paladinen [302]3 years ago
8 0
Basically, you pay less when you buy in bulk. It's like you get a discount or offered a lesser price for the items because you bought a lot in number. Therefore, the consumer pays less per item. Once a consumer reaches a certain quantity of items, there is an introduced wholesale price which is a unit price lesser than usual which is already a big help to consumers.
natali 33 [55]3 years ago
3 0
Ironically, buying a lot at a time is cheaper than buying bit by bit. Places like Sam's Club specialise in having bulk supplies. People might not be planning to buy bulk, but after seeing how cheap it is, they'll decide to buy more than they planned. It creates the illusion of saving money to the consumer, but in reality, they spent more just because they liked the idea of getting more product. Hope that made since! :D
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Answer:

The test statistic is c. 2.00

The p-value is a. 0.0456

At the 5% level, you b. reject the null hypothesis

Step-by-step explanation:

We want to test to determine whether or not the mean waiting time of all customers is significantly different than 3 minutes.

This means that the mean and the alternate hypothesis are:

Null: H_{0} = 3

Alternate: H_{a} = 3

The test-statistic is given by:

z = \frac{X - \mu}{\frac{\sigma}{\sqrt{n}}}

In which X is the sample mean, \mu is the value tested at the null hypothesis, \sigma is the standard deviation and n is the size of the sample.

Sample of 100 customers.

This means that n = 100

3 tested at the null hypothesis

This means that \mu = 3

The average length of time it took the customers in the sample to check out was 3.1 minutes.

This means that X = 3.1

The population standard deviation is known at 0.5 minutes.

This means that \sigma = 0.5

Value of the test-statistic:

z = \frac{X - \mu}{\frac{\sigma}{\sqrt{n}}}

z = \frac{3.1 - 3}{\frac{0.5}{\sqrt{100}}}

z = 2

The test statistic is z = 2.

The p-value is

Mean different than 3, so the pvalue is 2 multiplied by 1 subtracted by the pvalue of Z when z = 2.

z = 2 has a pvalue of 0.9772

2*(1 - 0.9772) = 2*0.0228 = 0.0456

At the 5% level

0.0456 < 0.05, which means that the null hypothesis is rejected.

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